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G1 Post-employment benefits (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure Of Employee Benefits Expenses [Abstract] |
Summary of Amount Recognized in the Consolidated Balance Sheet | Amount recognized in the Consolidated balance sheet
|  | Sweden |  |  | US |  |  | UK |  |  | Other |  |  |  |  | Total |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defined benefit obligation (DBO) |  |  | 49,423 |  |  |  | 5,340 |  |  |  | 10,473 |  |  |  | 21,362 |  |  |  |  |  | 86,598 |
Fair value of plan assets |  |  | 31,191 |  |  |  | 5,153 |  |  |  | 11,195 |  |  |  | 16,820 |  |  |  |  |  | 64,359 |
Deficit/surplus (+/–) |  |  | 18,232 |  |  |  | 187 |  |  |  | –722 |  |  |  | 4,542 |  |  |  |  |  | 22,239 |
Plans with net surplus, excluding asset ceiling 1) |  |  | – |  |  |  | 330 |  |  |  | 727 |  |  |  | 1,152 |  |  |  |  |  | 2,209 |
Provision for post-employment benefits 2) |  |  | 18,232 |  |  |  | 517 |  |  |  | 5 |  |  |  | 5,694 |  |  |  |  |  | 24,448 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defined benefit obligation (DBO) |  |  | 50,043 |  |  |  | 5,073 |  |  |  | 10,595 |  |  |  | 19,824 |  |  |  |  |  | 85,535 |
Fair value of plan assets |  |  | 29,627 |  |  |  | 4,815 |  |  |  | 12,410 |  |  |  | 15,741 |  |  |  |  |  | 62,593 |
Deficit/surplus (+/–) |  |  | 20,416 |  |  |  | 258 |  |  |  | –1,815 |  |  |  | 4,083 |  |  |  |  |  | 22,942 |
Plans with net surplus, excluding asset ceiling 1) |  |  | – |  |  |  | 255 |  |  |  | 1,889 |  |  |  | 1,143 |  |  |  |  |  | 3,287 |
Provision for post-employment benefits 2) |  |  | 20,416 |  |  |  | 513 |  |  |  | 74 |  |  |  | 5,226 |  |  |  |  |  | 26,229 |
1) | Plans with a net surplus, i.e., where plan assets exceed DBO, are reported as Other financial assets, non-current, see note F3 “Financial assets, non-current.”
| The asset ceiling decreased during the year to SEK 635 (755) million.
2) | Plans with net liabilities are reported in the balance sheet as Post-employment benefits, non-current.
Summary of Pension Costs for Defined Contribution Plans and Defined Benefit Plans | Total pension cost recognized in the Consolidated income statement The costs for post-employment benefits within the Company are distributed between defined contribution plans and defined benefit plans.
|  | Sweden |  |  | US |  |  | UK |  |  | Other |  |  |  |  | Total |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension cost for defined contribution plans |  |  | 1,306 |  |  |  | 500 |  |  |  | 178 |  |  |  | 1,626 |  |  |  |  |  | 3,610 |
Pension cost for defined benefit plans 1) |  |  | 1,624 |  |  |  | 79 |  |  |  | –56 |  |  |  | 1,248 |  |  |  |  |  | 2,895 |
Total |  |  | 2,930 |  |  |  | 579 |  |  |  | 122 |  |  |  | 2,874 |  |  |  |  |  | 6,505 |
Total pension cost expressed as a percentage of wages and salaries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8.3% |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension cost for defined contribution plans |  |  | 1,223 |  |  |  | 522 |  |  |  | 148 |  |  |  | 1,571 |  |  |  |  |  | 3,464 |
Pension cost for defined benefit plans 1) |  |  | 2,013 |  |  |  | 67 |  |  |  | –67 |  |  |  | 1,166 |  |  |  |  |  | 3,179 |
Total |  |  | 3,236 |  |  |  | 589 |  |  |  | 81 |  |  |  | 2,737 |  |  |  |  |  | 6,643 |
Total pension cost expressed as a percentage of wages and salaries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7.8% |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension cost for defined contribution plans |  |  | 1,192 |  |  |  | 542 |  |  |  | 128 |  |  |  | 1,209 |  |  |  |  |  | 3,071 |
Pension cost for defined benefit plans 1) |  |  | 2,144 |  |  |  | 160 |  |  |  | –22 |  |  |  | 1,204 |  |  |  |  |  | 3,486 |
Total |  |  | 3,336 |  |  |  | 702 |  |  |  | 106 |  |  |  | 2,413 |  |  |  |  |  | 6,557 |
Total pension cost expressed as a percentage of wages and salaries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8.9% |
1) | For the UK plans, negative cost was due to interest income of SEK 624 million (SEK 626 million in 2023 and SEK 355 million in 2022) exceeding interest cost of SEK 532 million (SEK 514 million in 2023 and SEK 312 million in 2022) during the year.
Summary of Change in the Net Defined Benefit Obligation | Change in the net defined benefit obligation
|  | 2024 |  |  | 2023 |
|  |  | Present value of obligation | 1) |  |  | Fair value of plan assets |  |  |  | Total |  |  |  | Present value of obligation | 1) |  |  | Fair value of plan assets |  |  |  | Total |
Opening balance |  |  | 85,535 |  |  |  | –62,593 |  |  |  | 22,942 |  |  |  | 83,691 |  |  |  | –60,480 |  |  |  | 23,211 |
Included in the income statement 2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  |  | 2,210 |  |  |  | – |  |  |  | 2,210 |  |  |  | 2,291 |  |  |  | – |  |  |  | 2,291 |
Past service cost and gains and losses on settlements |  |  | –82 |  |  |  | – |  |  |  | –82 |  |  |  | 179 |  |  |  | – |  |  |  | 179 |
Interest cost/income (+/–) |  |  | 2,953 |  |  |  | –2,377 |  |  |  | 576 |  |  |  | 2,839 |  |  |  | –2,371 |  |  |  | 468 |
Taxes and administrative expenses |  |  | – |  |  |  | 64 |  |  |  | 64 |  |  |  | – |  |  |  | 78 |  |  |  | 78 |
Other |  |  | 41 |  |  |  | 22 |  |  |  | 63 |  |  |  | 108 |  |  |  | –7 |  |  |  | 101 |
|  |  | 5,122 |  |  |  | –2,291 |  |  |  | 2,831 |  |  |  | 5,417 |  |  |  | –2,300 |  |  |  | 3,117 |
Remeasurements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Return on plan assets excluding amounts in interest expense/income |  |  | – |  |  |  | 1,583 |  |  |  | 1,583 |  |  |  | – |  |  |  | –663 |  |  |  | –663 |
Actuarial gains/losses (–/+) arising from changes in demographic assumptions |  |  | –229 |  |  |  | – |  |  |  | –229 |  |  |  | 267 |  |  |  | – |  |  |  | 267 |
Actuarial gains/losses (–/+) arising from changes in financial assumptions |  |  | –4,958 |  |  |  | – |  |  |  | –4,958 |  |  |  | –943 |  |  |  | – |  |  |  | –943 |
Experience-based gains/losses (–/+) |  |  | 2,825 |  |  |  | – |  |  |  | 2,825 |  |  |  | 347 |  |  |  | – |  |  |  | 347 |
|  |  | –2,362 |  |  |  | 1,583 |  |  |  | –779 |  |  |  | –329 |  |  |  | –663 |  |  |  | –992 |
Other changes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation difference |  |  | 1,781 |  |  |  | –1,760 |  |  |  | 21 |  |  |  | –179 |  |  |  | 110 |  |  |  | –69 |
Contributions and payments from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employers 3) |  |  | –2,097 |  |  |  | –682 |  |  |  | –2,779 |  |  |  | –1,737 |  |  |  | –594 |  |  |  | –2,331 |
Plan participants |  |  | 362 |  |  |  | –357 |  |  |  | 5 |  |  |  | 350 |  |  |  | –342 |  |  |  | 8 |
Payments from plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit payments |  |  | –1,825 |  |  |  | 1,825 |  |  |  | – |  |  |  | –1,294 |  |  |  | 1,292 |  |  |  | –2 |
Settlements |  |  | – |  |  |  | – |  |  |  | – |  |  |  | –488 |  |  |  | 488 |  |  |  | – |
Other |  |  | 82 |  |  |  | –84 |  |  |  | –2 |  |  |  | 104 |  |  |  | –104 |  |  |  | – |
Closing balance |  |  | 86,598 |  |  |  | –64,359 |  |  |  | 22,239 |  |  |  | 85,535 |  |  |  | –62,593 |  |  |  | 22,942 |
1) | The weighted average duration of DBO is 16.8 (16.8) years.
2) | Excludes the impact of the asset ceiling of SEK 65 (62) million in 2024.
3) | The expected contribution to the plans during 2025 is SEK 2.8 billion.
Summary of Present Value of the Defined Benefit Obligation | Present value of the defined benefit obligation
|  | Sweden |  |  | US |  |  | UK |  |  | Other |  |  |  |  | Total |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DBO, closing balance |  |  | 49,423 |  |  |  | 5,340 |  |  |  | 10,473 |  |  |  | 21,362 |  |  |  |  |  | 86,598 |
of which partially or fully funded |  |  | 49,423 |  |  |  | 4,823 |  |  |  | 10,473 |  |  |  | 18,064 |  |  |  |  |  | 82,783 |
of which unfunded |  |  | – |  |  |  | 517 |  |  |  | – |  |  |  | 3,298 |  |  |  |  |  | 3,815 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DBO, closing balance |  |  | 50,043 |  |  |  | 5,073 |  |  |  | 10,595 |  |  |  | 19,824 |  |  |  |  |  | 85,535 |
of which partially or fully funded |  |  | 50,043 |  |  |  | 4,560 |  |  |  | 10,595 |  |  |  | 16,702 |  |  |  |  |  | 81,900 |
of which unfunded |  |  | – |  |  |  | 513 |  |  |  | – |  |  |  | 3,122 |  |  |  |  |  | 3,635 |
Summary of Asset Allocation by Asset Type and Geography |
Asset allocation by asset type and geography 1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Sweden |  |  |  | US |  |  |  | UK |  |  |  | Other |  |  |  |  |  | Total |  |  |  | of which unquoted | 2)
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 231 |  |  |  | 206 |  |  |  | 1,025 |  |  |  | 572 |  |  |  |  |  | 2,034 |  |  |  | 15% |
Equity securities |  |  | 8,557 |  |  |  | 431 |  |  |  | 914 |  |  |  | 1,920 |  |  |  |  |  | 11,822 |  |  |  | 24% |
Debt securities |  |  | 14,559 |  |  |  | 4,052 |  |  |  | 118 |  |  |  | 9,717 |  |  |  |  |  | 28,446 |  |  |  | 26% |
Real estate |  |  | 5,760 |  |  |  | – |  |  |  | – |  |  |  | 516 |  |  |  |  |  | 6,276 |  |  |  | 100% |
Investment funds |  |  | 2,139 |  |  |  | 792 |  |  |  | 308 |  |  |  | 2,120 |  |  |  |  |  | 5,359 |  |  |  | 68% |
Assets held by insurance company |  |  | – |  |  |  | – |  |  |  | 8,002 |  |  |  | 1,909 |  |  |  |  |  | 9,911 |  |  |  | 100% |
Other |  |  | –55 |  |  |  | –328 |  |  |  | 828 |  |  |  | 66 |  |  |  |  |  | 511 |  |  |  | 1% |
Total |  |  | 31,191 |  |  |  | 5,153 |  |  |  | 11,195 |  |  |  | 16,820 |  |  |  |  |  | 64,359 |  |  |  |  |
of which real estate occupied by the Company |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |  | – |  |  |  |  |
of which securities issued by the Company |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |  | – |  |  |  |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 271 |  |  |  | 181 |  |  |  | 681 |  |  |  | 133 |  |  |  |  |  | 1,266 |  |  |  | 22% |
Equity securities |  |  | 7,311 |  |  |  | 361 |  |  |  | 769 |  |  |  | 1,873 |  |  |  |  |  | 10,314 |  |  |  | 27% |
Debt securities |  |  | 14,335 |  |  |  | 3,591 |  |  |  | 5,681 |  |  |  | 9,285 |  |  |  |  |  | 32,892 |  |  |  | 21% |
Real estate |  |  | 5,461 |  |  |  | – |  |  |  | – |  |  |  | 544 |  |  |  |  |  | 6,005 |  |  |  | 100% |
Investment funds |  |  | 2,016 |  |  |  | 834 |  |  |  | 2,346 |  |  |  | 1,829 |  |  |  |  |  | 7,025 |  |  |  | 69% |
Assets held by insurance company |  |  | – |  |  |  | – |  |  |  | 2,437 |  |  |  | 1,679 |  |  |  |  |  | 4,116 |  |  |  | 100% |
Other |  |  | 233 |  |  |  | –152 |  |  |  | 496 |  |  |  | 398 |  |  |  |  |  | 975 |  |  |  | 38% |
Total |  |  | 29,627 |  |  |  | 4,815 |  |  |  | 12,410 |  |  |  | 15,741 |  |  |  |  |  | 62,593 |  |  |  |  |
of which real estate occupied by the Company |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |  | – |  |  |  |  |
of which securities issued by the Company |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |  | – |  |  |  |  |
1) | Asset class is presented based on the underlying exposure of the investment. This includes direct investment in securities or investment through pooled funds that invest in an asset class.
2) | Unquoted refers to assets classified as fair value level 2 and 3. Unquoted assets comprise mainly investments in pooled investment vehicles.
Summary of Financial and Demographic Actuarial Assumptions | Actuarial assumptions
|  | 2024 |  |  |  |  | 2023 |
|  | Sweden |  |  | US |  |  | UK |  |  |  |  | Sweden |  |  | US |  |  | UK |
Financial assumptions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 2.4% |  |  |  | 5.6% |  |  |  | 5.6% |  |  |  |  |  | 2.1% |  |  |  | 5.0% |  |  |  | 4.8% |
Inflation rate |  |  | 2.0% |  |  |  | 2.5% |  |  |  | 3.1% |  |  |  |  |  | 2.0% |  |  |  | 2.5% |  |  |  | 3.0% |
Salary increase rate |  |  | 2.5% |  |  |  | 4.0% |  |  |  | – |  |  |  |  |  | 2.5% |  |  |  | 4.0% |  |  |  | – |
Demographic assumptions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life expectancy after age 65 in years |  |  | 23 |  |  |  | 22 |  |  |  | 23 |  |  |  |  |  | 23 |  |  |  | 23 |  |  |  | 23 |
Summary of Total Remeasurements in Other Comprehensive Income (Loss) Related to Post-Employment Benefits |
Total remeasurements in Other comprehensive income related to post-employment benefits |  |  |  |  |
|  | 2024 |  |  | 2023 |
Actuarial gains and losses (+/–) |  |  | 340 |  |  |  | 538 |
The effect of asset ceiling |  |  | 99 |  |  |  | –87 |
Swedish special payroll taxes |  |  | 438 |  |  |  | 454 |
Total |  |  | 877 |  |  |  | 905 |
Summary of Sensitivity Analysis of Significant Actuarial Assumptions |
Sensitivity analysis of significant actuarial assumptions, SEK billion |
Impact on the DBO of a change in assumptions |  | Sweden |  |  | US |  |  | UK |
Financial assumptions |  |  |  |  |  |  |  |  |  |  |  |
Discount rate –0.5% |  |  | 5.3 |  |  |  | 0.2 |  |  |  | 0.7 |
Discount rate +0.5% |  |  | –4.7 |  |  |  | –0.2 |  |  |  | –0.6 |
Inflation rate –0.5% |  |  | –4.7 |  |  |  | 0.0 |  |  |  | –0.5 |
Inflation rate +0.5% |  |  | 5.3 |  |  |  | 0.0 |  |  |  | 0.5 |
Salary increase rate –0.5% |  |  | –1.4 |  |  |  | 0.0 |  |  |  | – |
Salary increase rate +0.5% |  |  | 1.5 |  |  |  | 0.0 |  |  |  | – |
Demographic assumptions |  |  |  |  |  |  |  |  |  |  |  |
Longevity – 1 year |  |  | –2.3 |  |  |  | 0.0 |  |  |  | –0.2 |
Longevity + 1 year |  |  | 2.3 |  |  |  | 0.1 |  |  |  | 0.2 |

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